Investment in St. Petersburg on the rise, China tops list — governor

June 15 2015

TASS

Despite a complicated economic situation, St. Petersburg has registered a growth of investment in fixed capital, and China has topped the list of foreign investors for the first time in a few years, Governor Georgy Poltavchenko said answering the question if anti-Russian sanctions affect the city’s investment attractiveness.

Despite a complicated economic situation, St. Petersburg has registered a growth of investment in fixed capital, and China has topped the list of foreign investors for the first time in a few years, Governor Georgy Poltavchenko said answering the question if anti-Russian sanctions affect the city’s investment attractiveness.

"The entire situation certainly tells negatively on our economy and on other countries’ economies. But the key harm from the sanctions, in my view, is that a negative information and political background is being formed in the West for cooperation with Russia," Poltavchenko said.

"Simultaneously with the country’s rating, the rating of St. Petersburg is also dropping, but I don’t really see the loss of interest as of today," he said, adding that over the first quarter of 2015, investment in fixed capital in his city grew 5.4% to 78 billion rubles ($1.4 billion).